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Cellcom Israel Reacts to Ruling On Deductibility of Financing Expenses

by Philip Morton, Investors Offshore.com

31 October 2007


Cellcom Israel Ltd. announced earlier this week that the Israeli Supreme Court has issued two new rulings readdressing its previous ruling of November 2006 regarding the deductibility of financing expenses for tax purposes, that might be attributed by the Israeli tax authority to the financing of dividends.

As of June 30, 2007, the cellular service providers revealed that it had recorded an accumulated tax provision in the amount of approximately NIS 72 million, based on the possibility that part of the Company's financing expenses will not be recognized as a deductible expense for tax purposes.

The Company is evaluating the effect of these two new rulings, which may result in a material reduction of the tax provision.

The firm therefore announced that:

"Until the evaluation of the rulings is completed, no assurances can be provided as to whether and/or to what degree they will be able to reduce their tax provision."


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